Pharmacyclics LLC is an American biopharmaceutical company based in Sunnyvale, California. Its primary focus is upon the development of "novel therapies for the treatment of cancer and immune-mediated diseases." In March 2015, Chicago-based biopharmaceutical firm AbbVie announced it would acquire oncology firm Pharmacyclics, as well as its lead anti-cancer compound ibrutinib (Imbruvica) for $21 billion. As part of the deal AbbVie will pay $261.25 per share in a mixture of both cash and AbbVie equity. The merger is expected to close in mid-2015. Duggan will receive over $3.55 billion from the sale of Pharmacyclics to AbbVie in "one of the biggest paydays ever from the buyout of a publicly held company."